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Exhibit 10(d)(vii)
LETTER AGREEMENT
November 7, 1997
Crown Crafts, Inc.
0000 XxxxxXxxx Xxxxxxx
Xxxxx 000
Xxxxxxx, XX 00000
Attn: Xx. Xxxxxx X. Xxxxxxxx, Treasurer
Reference is made to the Revolving Credit Agreement ("Credit Agreement") dated
as of August 25, 1995 as amended by that certain amendment dated May 1, 1996
and that certain amendment dated June 28, 1996 between Crown Crafts, Inc.
("Crown Crafts") and Wachovia Bank, N.A. ("Wachovia"), formerly Wachovia Bank
of Georgia, N.A. Capitalized terms not otherwise defined herein shall have the
meanings ascribed to such terms in the Credit Agreement.
Whereas, the Borrower is required under Article VII of the Agreement to comply
with certain financial covenants regarding the merger, purchase, or acquisition
of other Persons.
Whereas, the Borrower has requested that Wachovia waive compliance with Section
7.4 Consolidated Cash Flow Ratio of the Credit Agreement for the period ended
9/28/97.
Now, therefore, pursuant to the request of the Borrower, the Lender agrees to
waive compliance with Section 7.4 of Article VII of the Credit Agreement for
the quarter ended September 28, 1997. This waiver is subject to the payment of
the Amendment Fee as stated below.
Amendment Fee. Crown Crafts agrees to pay Wachovia an amendment fee of $9,000,
which shall be earned and paid as of such date.
Except as expressly set forth herein, this letter shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights
and remedies of Wachovia under the Credit Agreement or any related document or
agreement. Except as expressly set forth herein, all of the terms, conditions,
obligations, covenants or agreements contained in the Credit Agreement and any
related document ratified and affirmed in all respects and shall continue in
full force and effect.
Please indicate your agreement and acceptance by signing a copy of this letter
below and returning it to us.
Sincerely,
BY: /S/XXXXXXX X.X. XXXXX
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Xxxxxxx X.X. Xxxxx
Commercial Officer
Agreed and Accepted by: Crown Crafts, Inc.
BY: /S/XXXXXX X. XXXXXXXX
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Xxxxxx X. Xxxxxxxx
Chief Accounting Officer, Treasurer
